Electric Vehicle Market to Grow at a CAGR of 33.6% from 2020 to Reach $2,495.4 Billion by 2027 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., March 9, 2022 /PRNewswire/ -- According to a new market research report titled "Electric Vehicle Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography," published by Meticulous Research®, electric vehicle market is expected to grow at a CAGR of 33.6 % from 2020–2027 to reach $2,495.4 billion by 2027. In terms of volume, this market is expected to reach 233.9 million units by 2027, at a CAGR of 21.7% from 2020.

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The key factors driving the growth of electric vehicles market include supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, decreasing prices of batteries, and advancements in charging systems technologies. Moreover, the increasing adoption of electric mobility in emerging economies and the growing adoption of autonomous driving vehicles also supports the growth of this market. However, the lack of charging infrastructure in developing countries hinders the growth of this market to a notable extent. Furthermore, the range limitations of electric vehicles, lack of fast-charging infrastructure, and high procurement costs are the major challenges for the growth of the electric vehicles market.

Impact of COVID-19 on the Electric Vehicle Market

The outbreak of the COVID-19 pandemic led to disrupted supply chains, limited operations and workforce, and factory closures. These disruptions caused a severe decline in vehicle sales, especially electric vehicles. However, the electric vehicles market is expected to recover quickly due to the strong market recovery in China.

According to estimations, developed areas of China and Europe are poised to have a strong recovery while the U.S. is estimated to fall behind. Aggressive government initiatives in stabilizing the automobile industry are anticipated as a key factor triggering the adoption rate in the coming years. For instance, around $10,000 subsidy was provided for customers purchasing an EV in Germany, while in China, the average subsidy ranges from $2,000 to $3,500.

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Lack of fast-charging infrastructure 

Lack of fast charging infrastructure poses a major challenge for the adoption of electric vehicles. Although the number of registrations of EVs is increasing, charging facilities for these EVS are yet to grow. The growing adoption of EVs has increased the demand for fast charging to save time and increase transit efficiency.

• Most electric cars take up to 8–10 hours on any 230 V power outlet through an adapter and a car manufacturer's cable.
• Battery charging at home takes up to 4-to-6 hours for a normal electric vehicle. It also increases the electricity bill considerably.
• Nissan LEAF (2018 model) with a battery of 40kWh takes up to 6-to-11 hours, depending on the charging type.

The long duration required for charging has proved to be a challenge for drivers to manage transit if they have to cover a long distance. Thus, the demand for fast charging is increasing rapidly among EV owners. Hence, to overcome this challenge, various projects have been initiated by the leading stakeholders in the electric mobility industry. For instance, Tesla, Inc. (U.S.), an electric mobility company, is developing an electrical terminal capable of fully charging a battery within a few minutes. Presently, the powerful terminals, which are few in number, can charge a battery up to 80% in 30 minutes. Thus, the growing initiatives for enhancing the charging facilities by industry leaders and government officials are poised to positively impact the EV market, globally.

Electric Vehicle Market Overview

Meticulous Research^® has segmented the overall electric vehicles market based on vehicle type (passenger vehicles, LCVs, HCVs, two-wheelers, e-scooters & bikes), propulsion type (BEV, FCEV, HEV), end use (private, commercial, industrial), power output (less than 100 kW, 100 kW to 250 kW, and more than 250 kW), charging standard, and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

Based on vehicle type, the electric vehicles market is segmented into passenger vehicles, LCVs, HCVs, two-wheelers, and e-scooters & bikes. The light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is driven by the growing awareness regarding the role of electric vehicles in reducing emissions, an increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.

Based on propulsion type, the electric vehicles market is segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. The fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is driven by the increasing demand for vehicles with low carbon emissions, strict carbon emission norms, a growing emphasis on the adoption of FCEVs due to advantages such as fast refueling, and increasing government initiatives and investments for advancing fuel cell technology.

Based on power output, the electric vehicles market is mainly segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. The 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is driven by the increasing adoption of electric buses and trucks, mainly for public transportation and freight service applications.

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Based on end use, the electric vehicles market is mainly segmented into private use, commercial use, and industrial use. The commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is driven by the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks.

Based on geography, the electric vehicles market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest share of the global electric vehicles market in 2021, followed by Europe, North America, Latin America, and the Middle East & Africa.

However, Europe is expected to record the highest CAGR of 35.7% by value and 23.3% by volume during the forecast period. The market growth in Europe is driven by the increasing number of stringent emission regulations by the European Union, the increasing focus of European countries in reducing the number of conventional cars on the roads, and the extensive charging infrastructure network in Europe.

In Asia-Pacific region, China accounted for the largest share of the electric vehicle market in 2021. The large market share of this country is primarily attributed to the extensive government support and expansion in charging infrastructure. China's EVs market is growing significantly with extensive government support and expansion in charging infrastructure. In 2020, China recorded sales of 1.3 million EVs, attributed to an increase in the adoption of the Tesla Model 3 and the Hongguang Mini. Increasing government efforts to push EV sales to up to 25% of the car sales by 2025 has driven the market growth considerably in China. To achieve the set target, the government had extended the tax exemptions for purchasing an EV by 2023.

The global electric vehicle market is dominated by five players, namely, Tesla, Inc. (U.S.), BYD Company Ltd. (China), BMW Group (Germany), Volkswagen AG (Germany), and Hyundai Motor Company (South Korea). These players continuously focus on new product development, product launches, acquisitions, and expansions to increase their respective market shares.

Browse in-depth TOC on " Electric Vehicle Market - Global Opportunity Analysis And Industry Forecast (2020-2027)"
216 – Tables
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Scope of the Report

Electric Vehicle Market, by Vehicle Type

• Passenger Vehicles
• Heavy Commercial Vehicles
• Two-Wheelers
• E-Scooters & Bikes
• Light Commercial Vehicles

Electric Vehicle Market, by Propulsion Type

• Hybrid Vehicles
• Pure Hybrid Vehicles
• Plug-in Hybrid Vehicles
• Battery Electric Vehicles
• Fuel Cell Electric Vehicles

Electric Vehicle Market, by Power Output

• Less than 100 kW
• 100 kW to 250 kW
• More than 250 kW

Electric Vehicle Market, by End Use

• Private Use
• Commercial Use
• Shared Mobility
• Micromobility
• Public Transport
• Industrial Use

Electric Vehicle Market, by Charging Standard

• Guobiao standards (GB/T)
• Charge de Move (CHAdeMO)
• Combined Charging System (CCS)
• Tesla Supercharger
• Type 1 (SAE J1772)
• Type 2 (IEC 62196)

Electric Vehicle Market, by Geography

• Asia-Pacific
• China
• Japan
• South Korea
• Thailand
• Singapore
• India
• Rest of Asia-Pacific
• Europe
• Germany
• France
• U.K.
• Norway
• Sweden
• Netherlands
• Italy
• Spain
• Switzerland
• Denmark
• Rest of Europe
• North America
• U.S.
• Canada
• Latin America
• Middle East & Africa

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